Updated June 18, 2019
Big picture wise my preferred POV is that CAT has started wave-3 of V of Cylce-3 to new ATHs the recent ATH was made on massive RSI5 readings which is often the hallmark of 3rd of 3rd waves. In this case Primary III of Cycle 3. Now the next leg higher will set up negative divergences on the monthly indicators once new ATHs are reached, which are needed to usher in Cycle 4. That will not be a pretty picture… but for now the ideal target for Cycle-3 is at ~200-210.
The daily chart shows the detailed story: a very complex Primary-IV wave, followed by an even more complex leading diagonal 1st wave. Wave-2 of V should have bottomed as it retraced most of the diagonal, which is a rather common thing once a diagonal completes. Diagonals also mean that the next advance will be extended. That is necessary to get wave-3 of V to new ATHs. I expect this ticker to top late-2020. A break below the December low will mean something else is transpiring: a more complex Primary-IV. That level can be used as a stop level if it is within your acceptable-loss level.